Unit 2 Micro Test Review

Which scenario would explain the graph below? (market for apples)

If a popular influencer promotes a product from a business the supply curve would shift right.

In monopolistic competition a large number of buyers and sellers of similar products differentiated by brand/quality.

Price Floors create what?

In what market structure does a single company have a commanding share of the market, and can set prices at will?

Corporations can make quick decisions because they only have one owner.

Shifts in quantity demanded cause the whole demand line/curve to move.

A study shows that smoking cigars causes cancer. What would happen to the demand curve?

Which scenario explains the graph below? (Market for gasoline)

Which market structure has the least amount of competition?

A famine causes half of a village to move away. What happens to the market for shoes?

If the price of Coke increases, what happens to the market for Pepsi?

Determinants: An economic boom causes people to make a lot more money than usual.

In what business structure does a single owner make all executive decsions?

As the price of a good goes up...

A situation in which a few companies dominate a significant portion of the market is called... (ex. Coke and Pepsi)

The Law of Supply states that as price increases, quantity supplied...

Milk and Cereal are what type of goods?

Which of the following scenarios would explain graph below in the market for popsicles?

A new study come out that states that eating chicken causes heart attacks. What happens to the market for chicken?

Which market structure has the lowest barriers to entry? (Which market is the easiest to join and leave?)

The price of milk increases by 300%. What happens to cereal?

A good that is bought to replace another good in called a...

IRDL the Turtle tells us what?

An increased number of buyers in a market would cause what change on a graph?

Market Equilibrium is where the supply and demand curve intersect.